Northern Trust (NASDAQ:NTRS) is expanding its global asset recovery capabilities by leveraging Broadridge Financial Solutions, Inc.’s (NYSE:BR) proprietary global class action technology, enabling clients to optimize claim recoveries and increase engagement in settlement processes.
Enhancements available with the new service include expanded coverage for more than 35 markets and, for the first time, support for “opt-in” markets where claimants can elect to participate in litigation prior to the suit being settled. In addition, enhanced reporting provides clients with greater detail over the lifecycle of their class action cases, including upcoming filing deadlines, case summary and claim detail reports, and detailed listings of all claim distributions.
“Northern Trust is committed to delivering innovative solutions that help clients unlock the full potential of their investment strategies,” said Kevin Blair, global head of Securities Services at Northern Trust. “Expanding our collaboration with Broadridge reflects our dedication to integrating cutting-edge technology and market insights to help elevate client outcomes and drive forward-looking growth.”
“With the rising complexity and volume of securities class actions, financial institutions must seize every opportunity to protect and recover assets through best-in-class stewardship practices,” said Steve Cirami, senior vice president, general manager of U.S. Proxy, Corporate Actions and Global Class Actions at Broadridge. “Broadridge’s Global Class Action Services equips firms like Northern Trust with tools to increase recoveries, streamline settlement participation and bolster operational performance.”
The enhanced solutions provide investors with greater transparency, operational agility and broader access to global asset recovery opportunities as new laws are passed, including support for investments in countries with “Opt-in” class action systems.
Northern Trust’s implementation comes at a time when the global class action landscape is expanding rapidly, with over 35 jurisdictions now supporting collective redress mechanisms for shareholders. In 2024 alone, class action settlements reached $5.2 billion across 135 cases worldwide, highlighting the growing importance of comprehensive asset recovery solutions.
